Eurozone ministers approve second Greek bailout

There is wide coverage of news that the eurozone has approved a second bailout worth €130bn for debt-struck Greece.

Under the deal, agreed by ministers after 14 hours of talks, private investors will be asked to take what the Telegraph describes as a "greater haircut" or write-down on Greek debt, from 50 per cent to 53.5 per cent.

Under the austerity and aid package, the European Central Bank will also channel profits of up to €12bn back through national central banks to help eurozone governments "improve the sustainability of Greece's public debt".

In return for the bailout, the paper says that Athens will lose sovereignty over its finances, be required to implement a tough austerity programme and accept supervision from an "enhanced and permanent" presence of EU officials.

"The Greek economy can no longer rely on a large administration financed by cheap debt, but by investment to facilities new growth and jobs," said European economic and monetary affairs commissioner Olli Rehn.

Elsewhere, under the heading "Eurozone crisis takes toll on German-Greek ties, Deutsche Welle reports on a growth in national stereotypes in both Berlin and Athens.